Use this worksheet to figure out how much money you may need for a year at MIT—estimate your costs, make your own monthly budget, and find help in managing your money.
How to prepare
This worksheet is designed to help enrolled undergraduate students build a budget and manage their finances. Please note that this worksheet is meant to help you understand what your budget might look like; your bill (in MITPay) may differ from the worksheet, depending on your actual expenses.
Before you begin, make sure you have a few items on hand:
- A list of your billed charges01 <a href="https://sfs.mit.edu/undergraduate-students/the-cost-of-attendance/annual-student-budget/">Billed charges</a> include your tuition and fees, housing, meal plan, health insurance, and other costs. related to MIT. If you don’t know yet, that is okay too—we can fill in the basics for you!
- A list of your expected personal expenses.02 Your personal expenses will include all of the other costs you’ll have during the year. This can include books and other class materials, your phone bill, food costs beyond a meal plan, and spending money.
- A list of your expected personal financial resources,03 Your personal resources are the assets you and your family are able to contribute, along with any money you anticipate earning while you’re at MIT (such as at a <a href="https://sfs.mit.edu/find-a-job/for-students/working-at-mit/">campus job</a>). such as savings and estimated earnings.
- Your financial aid information04 If you’re a current student, you can access this through the <a href="http://finaid.mit.edu/">MIT Online Financial Aid System</a>. If you’re a prospective first-year student, you can access this through your application portal. if you receive aid. If you haven’t applied for aid, you can skip that section.
Worksheet sections
The worksheet below has two sections, one for your MIT bill and one for living expenses:
- Paying your MIT bill: First, you’ll total up the billed charges and other costs. Then, you’ll input your financial aid to figure out if you will need to pay MIT or if you’ll receive a refund. The costs below are the rates for the 2026–2027 academic year, unless otherwise noted.
- Living expenses: This is where you’ll calculate your total monthly expenses. First, you’ll total up your living expenses beyond the billed charges included in the first section. Then, you’ll input your personal financial resources.
What do I do with this information?
Once you’ve mapped out your expenses, here’s what to do next:
- Save your results: Save the results for your records so you know how much you will need monthly.
- Build a budget: Start building a monthly budget to meet your financial goals.
- Get help: You’ll find resources to manage your budget at the end of each budget worksheet section. If you have any questions, just let us know.
Do you already know all of your costs?
While returning students may already know their full financial picture, new students may find it useful to have some pre-populated numbers to work with.
Do you want to plan for a semester, or the full year?
Returning students may have different costs each semester.
Part 1: Paying your MIT bill
This section will calculate the costs of being an undergraduate student for the 2026–2027 academic year, and help you figure out what resources you’ll need to pay your bill.
First, let’s calculate your costs:
Tuition
Fees05 Fees included here cover your student life fee (paid by all undergraduates). You can use the add another fee option to add any other fees you know you’ll have during the year, such as lab charges or program-specific fees.
Housing06 All first-year students are required to live on campus, but <a href="https://studentlife.mit.edu/housing/undergraduate-housing">residence halls and living groups</a> vary in cost.
For budgeting purposes, we use the cost of the most expensive double room on campus. Pi Phi and Kappa Alpha Theta are considered a part of MIT housing and appear in this section. Other FSILGs handle their charges independently.
Please note: Kappa Alpha Theta reflect 2024–2025 room rates and will be updated when available.
Food
Please note: The rates for the “21 meals/week” plan and the “225 + dining dollars” plan reflect the 2026–2027 academic year. The remaining plans will not be finalized until early summer and reflect the 2025–2026 academic year rates.
Health insurance 07 Massachusetts state law requires full health coverage beyond this basic access, and it is required for all MIT students. You will be automatically enrolled in, and charged for the<a href="https://mit.myahpcare.com/"> MIT Student Health Insurance Plan (MIT SHIP)</a>. However, if you already have full coverage, then you can <a href="https://sfs.mit.edu/help/faq/how-do-i-submit-a-health-insurance-waiver/">submit a waiver</a> for MIT SHIP.
Please note: The rates shown reflect costs for the 2025–2026 academic year. Rates for the 2026–2027 academic year will be finalized in early summer.
TechCASH
TechCASH is a flexible spending account that you can add funds to, so you can make purchases at local businesses around campus with your MIT ID.
Costs subtotal
Next, let’s total up your financial aid:
Scholarships and grants
Please note: If you are budgeting for one semester only, you need to divide your financial aid (grants, scholarships, or loans) in half for this section. Financial aid is distributed evenly between the fall and spring semesters (meaning that if you receive a $10,000 MIT Scholarship, $5,000 is applied to your fall semester and $5,000 to the spring semester). You are required to notify SFS of any outside aid received as it will impact your financial aid. If you have outside aid but have not received your adjusted financial aid, this tool may not be accurate.
Loans
Our financial aid is designed so that you don’t have to take out loans. However, should you decide to do so, you can add your loans in this section. It’s OK to leave this blank right now!
Financial aid subtotal
Money owed to MIT (your balance due)
Refund
Monthly payment, if using the Monthly Payment Plan
What do I do with this number?
This is the amount that you will need to pay—and we have a bunch of resources to help with this process:
How to pay → Payment options → Monthly payment plan →
What do I do with this number?
Based on the numbers you put in, it looks like you would have a credit on your account. This means that your aid and loans exceed the costs you have to pay. If this happens, you can apply the credit toward future bills, or request a refund.
Learn more about credits → How to request a refund →
Save your results
Save your results now, or wait until the end of Part 2 and save both on one spreadsheet. You can download an Excel spreadsheet so that you can manage your budget on your own, or save it as a PDF for your records.
Part 2: Living expenses
This section will help you identify how much money you’ll need to cover your expenses each month, beyond what’s on your bill in the section above.
Let’s first total up what you’ll need each month:
Off-campus housing
If you’re not living in MIT housing,08 Costs for living off campus can vary dramatically based on the situation you choose. use this section to add up your monthly costs for rent and other bills, such as internet and utilities.
Food
If you’ve got a meal plan and you know that’s all you need, you can leave this section blank. Use this area to include additional monthly food costs, such as coffee, eating out, and groceries. You will not be billed for this cost.
Bills
Use this section to include other monthly bills, such as your cellphone, public transit or commuting costs, or anything else you know you’ll be paying each month.
Monthly subtotal
Now let’s add up the other big costs you’re likely to encounter. These are one-time costs that do not recur monthly:
One-time expenses
Use this section to include one-time costs that you’ll need to cover in addition to your monthly bills, such as books, a new laptop, or other life requirements.
$930 is the amount we budget for books and supplies. You can adjust this if you have a better sense of what you’ll need.
Travel expenses
If you’re going to be traveling to and from MIT over the course of the year, you can use this section to total up those costs.
Expenses subtotal
Next, let’s gather the financial resources you’ll have to cover these costs:
Refund from MIT bill
TechCASH
Earnings (monthly)
If you’re going to have a job, you can use this section to track your monthly income. Additionally, if you’ll be getting a monthly allowance or other support, you can track that here.
Savings and other one-time resources
Use this section to account for any one-time contributions you’ll be receiving such as family savings or gifts. This is a one-time amount, and will not repeat monthly.
Resources subtotal
Monthly amount needed
Refund
What do I do with this number?
This is the amount that you’ll need to cover your expenses and bills. Here are a few tips and resources that can help. And you are always welcome to reach out with any questions—we are here to help!
How to pay → Payment options → Monthly payment plan →
What do I do with this number?
Based on the numbers you put in, it looks like you might have some money left over each month. This means that your aid and loans exceed the costs you have to pay. If this happens, you can apply the credit toward future bills, or request a refund and have it transferred to your bank account.
Learn more about credits → How to request a refund →
Save Your Results
Download a PDF for your records, or an Excel file to build a budgeting spreadsheet of your own.
Still have questions? We’re here to help!
Contact Us- Billed charges include your tuition and fees, housing, meal plan, health insurance, and other costs. back to text ↑
- Your personal expenses will include all of the other costs you’ll have during the year. This can include books and other class materials, your phone bill, food costs beyond a meal plan, and spending money. back to text ↑
- Your personal resources are the assets you and your family are able to contribute, along with any money you anticipate earning while you’re at MIT (such as at a campus job). back to text ↑
- If you’re a current student, you can access this through the MIT Online Financial Aid System. If you’re a prospective first-year student, you can access this through your application portal. back to text ↑
- Fees included here cover your student life fee (paid by all undergraduates). You can use the add another fee option to add any other fees you know you’ll have during the year, such as lab charges or program-specific fees. back to text ↑
- Massachusetts state law requires full health coverage beyond this basic access, and it is required for all MIT students. You will be automatically enrolled in, and charged for the MIT Student Health Insurance Plan (MIT SHIP). However, if you already have full coverage, then you can submit a waiver for MIT SHIP. back to text ↑